FIUMICINO TOURIST AND CRUISE PORT: ENVIRONMENTAL IMPACT ASSESSMENT (EIA) DECREE ISSUED FOLLOWING POSITIVE OPINIONS FROM THE PNRR-PNIEC EIA COMMISSION AND THE MINISTRY OF CULTURE

November 12, 2025 – Fiumicino Waterfront Srl, holder of the state concession in the Isola Sacra area of the Municipality of Fiumicino, welcomes with great satisfaction the adoption of the Environmental Impact Assessment (EIA) Decree by the Ministry of the Environment and Energy Security (MASE), which confirms the environmental, landscape, and cultural compatibility of the new Fiumicino tourist and cruise port project (“the Project”).

The new tourist and cruise port in Isola Sacra will be a cornerstone of Fiumicino’s sustainable development – a social and economic catalyst that will become an attractive destination for boaters, tourists, and residents alike. Furthermore, the careful use of resources and adherence to circular economy principles will generate elements useful and necessary to counter coastal erosion phenomena along the Lazio shoreline, particularly in Fregene and Macchiagrande. This will not only enhance tourism in surrounding areas but also actively protect nearby nature reserves by reconstructing original dune habitats which are biodiversity hotspots of recognized European conservation importance.

“The EIA Decree represents a decisive step toward for the transformation of the Fiumicino–Isola Sacra area into a driver of sustainable economic growth, tourism, and community development as requested by the Municipality of Fiumicino,” declared Galliano Di Marco, CEO of Fiumicino Waterfront Srl. “With a total investment of approximately €600 million, the Project is set to become one of the most innovative and sustainable tourist infrastructures in the Mediterranean, and tangible proof that infrastructure development and urban regeneration can successfully go hand in hand, fostering the community’s economic and social growth.”

The new tourist and cruise port will also accommodate giga and mega yachts, complementing its primary yachting function with a cruise berth that will be available to all cruise lines to use and that will enhance a state-of-the-art marina from both a technological and landscape perspective.

A large public park and a high-quality international hotel, together with areas dedicated to visitor and user services, complete the profile of a project focused on urban regeneration and regional enhancement, with significant economic impact. According to a study commissioned by Fiumicino Waterfront from a leading international consulting firm, the Project’s contribution to GDP is estimated at over €500 million during the construction phase and approximately €400 million annually during operations. In addition, the Project is expected to lead to the creation of around 2,000 jobs per year over the four years of construction and more than 5,000 permanent jobs during operations.

Fiumicino’s strategic location, just a few kilometers from Rome and near the international airport, will allow the Project to meet growing demand for innovative and reliable infrastructure for nautical and cruise tourism in the Mediterranean, boosting the regional economy and fostering potential synergies with the Port of Civitavecchia.

Particular attention has been given to road infrastructure in the Isola Sacra area. Fiumicino Waterfront is committed to actively contributing to local mobility improvements by implementing, in collaboration with public and private stakeholders, the compensatory works deemed necessary by the Implementing Body, the Municipality of Fiumicino.

These compensatory works will be discussed and planned by a working group (“the Mobility Committee”) coordinated by the Mayor of Fiumicino, which brings together all relevant entities (Lazio region, ANAS, Italian Railways, Metropolitan City of Rome, Aeroporti di Roma, Fiumicino Waterfront, etc.). The Committee, launched by the Mayor on March 19, 2025, will ensure both the coordination of the authorization process and the harmonized development of infrastructural projects within the municipality, including the new Scafa Bridge, the roundabout and bridge on Via Trincea delle Frasche, and the viaduct connecting to the airport. Thus, the new Fiumicino tourist and cruise port will be the catalyst for substantial infrastructure development for Fiumicino.

About Fiumicino Waterfront S.r.l.

Fiumicino Waterfront S.r.l. is majority owned by the company Cruise Terminals International Limited (“CTI”), which is owned 90% by funds advised by iCON Infrastructure LLP (“iCON”) and 10% by Royal Caribbean Group.

CTI is an independent developer, owner and operator of cruise infrastructure worldwide and its terminals are used both by Royal Caribbean Group and third-party cruise lines. In the Mediterranean, CTI is already engaged in the development of major cruise terminal projects, specifically in Ravenna (construction of the terminal began in September 2024) and in Barcelona (construction of the terminal began in April 2025).

iCON is the exclusive advisor to funds with cumulative commitments in excess of $12bn. iCON VII, iCON’s latest flagship fund, closed fundraising in July 2024 with $3.7bn of capital committed by globally recognized corporate and public pension funds, asset managers, insurance companies and sovereign wealth funds.  iCON advised funds invest across a range of infrastructure sectors and iCON’s funds have an extensive and successful track record of investing in Italy. Learn more at www.iconinfrastructure.com.

Royal Caribbean Group (NYSE: RCL) is a vacation industry leader with a global fleet of 68 ships across its five brands traveling to all seven continents. With a mission to deliver the best vacations responsibly, Royal Caribbean Group serves millions of guests each year through its portfolio of best-in-class brands, including Royal Caribbean, Celebrity Cruises, and Silversea; and an expanding portfolio of land-based vacation experiences through Perfect Day at CocoCay and Royal Beach Club collection. The company also owns 50% of a joint venture that operates TUI Cruises and Hapag-Lloyd Cruises. With a rich history of innovating, Royal Caribbean Group continually delivers exciting new products and guest experiences that help shape the future of leisure travel. Learn more at royalcaribbeangroup.com or rclinvestor.com.

Notes on the Authorization Process

The decree reflects the opinions issued by the PNRR-PNIEC Technical Commission of MASE and by the Special Superintendency for the PNRR of the Ministry of Culture (MIC) regarding the project submitted in early October 2023 by the Municipality of Fiumicino as the Implementing Body.

The EIA Decree marks the first major step in the authorization process leading to the realization of a project already deemed eligible by the Extraordinary Commissioner as part of the detailed program of interventions related to the Catholic Church’s Jubilee celebrations for 2025. The program was approved—pursuant to Article 1, paragraph 422, of Law No. 234 of December 30, 2021—by Decree of the President of the Council of Ministers on June 8, 2023.

In the same decree, the Municipality of Fiumicino was designated as the “Proposing Administration” and “Implementing Body,” while Fiumicino Waterfront was designated as the “Executing Entity.”